As the first of multiple corruption trials facing former Malaysian Prime Minister Najib Razak gets underway, SBS News examines the Australian links to one of the biggest political corruption scandals in history
In a Kuala Lumpur court room on Wednesday afternoon, Malaysia’s former Prime Minister Najib Razak will be in the dock facing allegations of corruption.
In total, investigations spanning the entire globe have alleged over $6 billion dollars was misappropriated from the fund.The house of cards came tumbling down in May last year, when Mr Najib lost in a shock general election and the new government headed by former Prime Minister Mahathir Mohamad came to power.
Almost a year since the election and what has been dubbed ‘the trial of the century’ is just getting underway, after Mr Najib’s legal team sought several lengthy delays to the start date. “What’s really important with a scandal like 1MDB and potential Australian involvement in it, is that we learn from this, that’s government, that’s regulators and that’s business itself,” he said.In response to questions put on notice by Greens Senator Whish-Wilson, the Australian Securities and Investment Commission said they were in touch with Malaysian authorities but were yet to receive a formal request for assistance.
“There is plenty of impetus there for us to improve things, but also to accept and understand that there are risks here and that we need to investigate those risks,” he said. ANZ has been the single largest shareholder in AmBank since 2006 and appointed key management positions at the bank, as well as being able to hold up to four seats on the 12-seat AmBank board.
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